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Nigeria will launch its own cryptocurrency, the eNaira, in partnership with Bitt.

ABUJA, Nigeria (Reuters) — The Central Bank of Nigeria said on Monday that it will partner with Bitt Inc as a technical partner in the launch of the "eNaira," Nigeria's own cryptocurrency.

After Nigeria banned banks and financial organisations from dealing with or aiding cryptocurrency transactions in February, the Central Bank revealed intentions to introduce its own digital currency later this year.

The eNaira will function as a wallet for users to save existing funds in their bank accounts, according to Central Bank Governor Godwin Emefiele. In a statement released on Monday, Emefiele said that the currency will aid financial inclusion by reducing remittance inflows cheaper and faster.

Barbados-based Bitt led the development of "DCash," the first digital cash issued by a currency union central bank, for the Eastern Caribbean Currency Union earlier this year.

In related information, theprimary cryptocurrency ATM opened in Honduras last week as proponents of the digital currency hoped to boost demand after El Salvador became the first country to recognise Bitcoin as legal tender. At 11 a.m. on August 31, the value of bitcoin in India was Rs. 36.83 lakhs.

The machine, termed "la bitcoinera" in Honduran parlance, allows users to accumulate Bitcoin and Ethereum using the local lempira currency.It was installed in an office tower in Tegucigalpa by the Honduran firm TGU Consulting Group. As of 11 a.m. on August 31, the value of Ethereum in India was Rs. 2.53 lakhs.